Huawei’s CEO Appeals to China to Develop a Rival to Facebook’s Libra

Telecommunications mammoth Huawei’s chief executive has stated that the time is ready for China’s government to preempt Facebook’s Libra.

CEO Ren Zhengfei told  Italian media outlet L’economia that China has the capacity to pursue such an undertaking. He was asked a question regarding U.S. worldwide authority and Facebook’s issuance of a global currency specifically. 

Ren was cited as saying (translated):

“Even China is able to issue such currencies, why wait for Libra? The strength of a state is greater than that of an Internet company.”

Ren was not essentially looking to require his firm toe-to-toe with the social media mammoth. In spite of the fact that his company has made critical advances within the blockchain space – including joining the Hyperledger consortium and discharging a blockchain-backed cloud service – he instead pointed to the advancements in blockchain technology developed by the Chinese nation-state. 

The People’s Bank of China contracted blockchain specialists in May in an effort to broaden its distributed network investments for “large scale transactions,” bank representatives stated at the time.

In addition, a few members of China’s central bank have said that Libra’s deployment might contrarily affect the nation’s economy. Wang Xin, head of the research bureau at the People’s Bank of China, said the competition may impel the nation to issue its own national cryptocurrency. 

In reality, a couple of weeks after Libra was reported, searches on China’s web search mogul Weibo skyrocketed, despite the fact that Facebook has been prohibited in the nation since 2009.